Office vacancies up, rents steady in Miami-Dade

Although Miami-Dade County’s office market vacancy rate is at its
highest in six-and-a-half years, rents have remained stable,
according to a report from commercial leasing firm Cushman & Wakefield. Overall, the Miami
office vacancy rate rose to 18.5 percent in the first quarter of the year, up
1.5 percent from a 17 percent rate at the end of 2009.
Overall office rents remained nearly constant to $30.53 in the first
quarter of 2010 from $30.09 per
square foot at the end of 2009. But rents in Class A
buildings actually increased to $37.33 in the first three months of the year from $35.92 per square foot in fourth-quarter 2009.TRD